Albania 3Q18 Market Portfolio

Albania 3Q18 Insurance Companies Ranking

Albanian insurers' premiums revenues for the period January-March 2012 were about ALL 1.88 billion (EUR 13.41 million), or 15.74% less than January-March 2011, according to Albanian Financial Supervisory Authority (AFSA). "The major impact in this decrease of total gross written premium had compulsory motor insurance Green Card and accidents, with about 83% of the total decrease", showed an AFSA press release.

Auto insurance rates in Albania will undergo reform in upcoming months and they will be depending on factors related to the degree of vulnerability for an accident, Top Channel reported on Tuesday referring to Albania's Financial Supervisory Authority.

Albania's Ministry of Transportation has facilitated the procedures for registering a motor vehicle in the country, local media reports. The only required documents now are the ownership certificate and the ID card. The law took effect on February 13, 2012.

Albania's insurance market grew in local currency 2.3% in 2011 compared to the previous year (excluding reinsurance written premiums), according to data published by Albania's Financial Supervisory Authority (AFSA). In European currency, insurance premium revenues were about EUR 60.01 million. At the same time, the number of insurance contracts was of 1,306,602, up by 77.5% compared with year 2010.

The total insurance premium volume in Albania rose slightly to 7.7
billion ALL in the period January - November 2011 registering an
increase of 5.3% compared to the same period a year ago, Tv Scan
reported on Monday.

The total insurance premium volume rose slightly to 7.1 billion ALL in the period January - October 2011, up 4.5% compared to the same period in 2010. The liberalization of tariffs regarding the compulsory vehicle insurance has contributed to the sluggish growth of the Albanian insurance market.

The liberalization of tariffs regarding the compulsory vehicle insurance has led to lower revenues for insurance companies operating in the Albanian market. The total compulsory vehicle insurance premiums in the period January-September 2011 were ALL 3,009 million, down 7.82% compared to the same period the previous year, according to Albania's Financial Supervisory Authority.